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ABCDEconomy by Luigino Bruni
Gift.  Don´t think that it means a present…

Published in the weekly Vita, May 15, 2009
With the word “Gift”, which we will cover this week and next week, we will conclude the series ABCDEconomy by Luigino Bruni. We proposed this series as a guide to the key words within economic behavior, after breaking down the myths and bursting a few bubbles.  Here´s an index of the analyzed words: Happiness, Profit, Market, Bank, Investment, Responsibility, Rules, Interests, Organization, Reciprocity, Capital.  This week, as mentioned above, presents the first part about the concluding word, “Gift”.
There exists a close relationship between community, life in community, and gift.  A study of the origins of the word community shows it as a derivative of communitas, from cum-munus, or from munus (reciprocal gift).  But the word´s very suggestive origins immediately demonstrate its conflicting meanings, hidden in the Latin word munus.  Munus means both gift and obligation, and the ambivalence continues to be traced in the Anglo-Saxon word “gift”, which maintains its form in English but with the same spelling in German means “venom”.  The perfumed and colorful gift of an apple can also show itself to be poisoned.  Why?  First of all, because there are many types of gifts, and there are multiple forms of giving. There is the anonymous and unilateral gift of philanthropy, either through donations to help those far away and in need or in the case of natural disasters.
ABCDEconomy - G as in Gift - Part 1
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There is the personal gift given to loved ones, which can be material but most often is a gift of our time, attention, a listening-ear, our life.  Then, there is the conventional gift that often recalls ancient traditions, like gifts to newlyweds or a bottle of wine when one is invited over for dinner.  But there is also the gift of a payoff to one´s equals or superiors that don´t have anything to do with gratuitousness.
Anyway, the key word that best explains the nature of a gift is reciprocity, about which we have already written in our small handbook.  More than the gift, human beings love reciprocity.  Or better, they love a gift when given within a relational grammar context where one both gives and receives.  We want that the gift, so that it be a good gift, be given with a good reason.  The gift is a sign of something more profound.
One day, during a (low cost) plane trip, I decided to offer a sandwich to a young person (who didn´t have any money).  I remember the disturbed look that I received, as if he was asking himself, “What does this man want from me? Why is he offering me 5 euro?”  Not accepting candy or gifts from strangers is still valid advice to children and youth – at least if there isn´t a good reason to do so, like in emergency situations or other particular circumstances. And even when we are in need, the gift which does not produce reciprocity over time, or gives life to static and asymmetrical reciprocity, often ends up hiding power-based relationships and a desire to dominate the other. The free-gift, which is the experience we all associate with a beautiful and good life, requires that we take turns playing the role of giver and recipient. It requires that who receives a gift feels capable of reciprocating, finding himself in the condition to be able to respond on a plan of substantial equality, especially when the gift mechanism falls outside of the family, and when it deals with adults (even if they are convinced that the experience of gift-reciprocity is fundamental and an important foundation even for youth and children). Gifts break the balance between social relationships, as they create an asymmetry that the human being, and absolutely the modern one, is not capable of handling for a long period of time. The unreciprocated gift is means for unbalance, disorder.  Rather, human societies – even archaic ones and even though differently from modern ones – love symmetry: and so the explanation of the market´s great power, based on a symmetrical exchange of equivalent values (or perceived as such). Next week, we´ll try to understand in what way “gift” is not necessarily a gift, and neither is it “free”. The second part of this article will be published in the next issue.
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ABCDEconomy by Luigino Bruni
Gift.  Don´t think that it means a present…

Published in the weekly Vita, May 15, 2009
With the word “Gift”, which we will cover this week and next week, we will conclude the series ABCDEconomy by Luigino Bruni. We proposed this series as a guide to the key words within economic behavior, after breaking down the myths and bursting a few bubbles.  Here´s an index of the analyzed words: Happiness, Profit, Market, Bank, Investment, Responsibility, Rules, Interests, Organization, Reciprocity, Capital.  This week, as mentioned above, presents the first part about the concluding word, “Gift”.
There exists a close relationship between community, life in community, and gift.  A study of the origins of the word community shows it as a derivative of communitas, from cum-munus, or from munus (reciprocal gift).  But the word´s very suggestive origins immediately demonstrate its conflicting meanings, hidden in the Latin word munus.  Munus means both gift and obligation, and the ambivalence continues to be traced in the Anglo-Saxon word “gift”, which maintains its form in English but with the same spelling in German means “venom”.  The perfumed and colorful gift of an apple can also show itself to be poisoned.  Why?  First of all, because there are many types of gifts, and there are multiple forms of giving. There is the anonymous and unilateral gift of philanthropy, either through donations to help those far away and in need or in the case of natural disasters.
ABCDEconomy - G as in Gift - Part 1
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    [title] => ABCDEconomy "C" as in "Capital" - Part 1
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ABCDEconomy by Luigino Bruni
Capital. Not only capitalism
Published in the weekly Vita, May 1, 2009
A guide to rereading the key words of economic behavior, after breaking down the myths and bursting a few bubbles.  Here are the words already analyzed by Luigino Bruni: Happiness, Profit, Market, Bank, Investment, Responsibility, Rules, Interests, Organization, and Reciprocity.  This week, the first part on the word “Capital”.

The history of economy can also be told as the evolution of the meaning of capital.  CAPITAL derives from the Latin caput, capitis, which means “boss”, or “head”, but also a central point from which the other parts descend. One of the first economic meanings of CAPITAL was, in fact, a financial one, where CAPITAL (principle part, caput) generated secondary elements (interests) that descended from such.   
 ABCDEconomy - Capital - Part1
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In ancient times, CAPITAL also referred to “heads” of livestock, an important form of wealth.  With the classic economy between seven-hundred and eight-hundred, CAPITAL was seen as the main productive factor (together with work and land) on which the fortune of the economic system depended, and which, not by chance, from Marx onwards was named “capitalism”.
In Marxism, CAPITAL (also the title of Marx´s most important book, 1867) becomes the key to interpreting not only the economical dynamic of a society but the dynamic of the society as a whole.  The appropriation of the means of productions (CAPITAL) by capitalists becomes seen as the origins and the explanation of every inequality and of every social injustice (among which, embezzlement by part of the capitalists of the creative value of workers). 
Marx theorized a transitory nature of capitalism, considering that the intrinsic laws which move history would have led to it being overcome. The idea of a system which would overcome capitalism dominated the theoretical debate until the Second World War.  The Austrian liberal economist, J.A. Schumpeter, for example, one of the greatest social scientists of the 20th century, in introducing one of his most important books (Capitalism socialism democracy, 1942) wrote, “Can capitalism survive? No, I do not believe that it can.”
The explanation of this prophecy consisted in the deteriorating function of the entrepreneur that Schumpeter caught a glimpse of during the birth of the financial capitalism dominated by a few large businesses. Afterwards, until the recent crisis, no other among theoretical or liberal economists spoke of an end to capitalism. One of the reasons of this partial eclipse is the very common confusion between capitalism and the market economy: today, no longer being able to question the market economy, one no longer questions capitalism as well.
In reality, the market economy does not coincide with capitalism.  It was born well before capitalism and knew various non-capitalistic forms which co-existed with capitalism (thinking about the cooperative movement), and it will certainly outlive them.
Over the last few decades, the word CAPITAL has distinguished and directed itself always further away from capitalism.  One speaks of human CAPITAL and of social CAPITAL, understood as new factors of production on which the production of wealth (and not only) depends.
Human CAPITAL was the first to enter into the debate, after the war. At that time, important economists (among whom G. Becker) began to build models where they explained that a business or an economic system grows when – besides physical, financial and technological capital – it arranges for human CAPITAL, meaning people who are qualified, prepared, who have invested in instruction and who have consequently raised the CAPITAL value of their own person and, in doing so, the business.
In reality, this idea was already present in classic economists like Pareto at the end of the 8th century, or the Venetian Ortes when he affirmed that the wealth of a people is its people (1792).
With the next issure of VITA, we´ll continue with the second part about “Capital”

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ABCDEconomy by Luigino Bruni
Capital. Not only capitalism
Published in the weekly Vita, May 1, 2009
A guide to rereading the key words of economic behavior, after breaking down the myths and bursting a few bubbles.  Here are the words already analyzed by Luigino Bruni: Happiness, Profit, Market, Bank, Investment, Responsibility, Rules, Interests, Organization, and Reciprocity.  This week, the first part on the word “Capital”.

The history of economy can also be told as the evolution of the meaning of capital.  CAPITAL derives from the Latin caput, capitis, which means “boss”, or “head”, but also a central point from which the other parts descend. One of the first economic meanings of CAPITAL was, in fact, a financial one, where CAPITAL (principle part, caput) generated secondary elements (interests) that descended from such.   
 ABCDEconomy - Capital - Part1
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    [introtext] => 
ABCDEconomy by Luigino Bruni
Reciprocity. Exchange without deceptions
Published in the weekly Vita, April 17, 2009
A guide to rereading the key words of economic behavior, after breaking down the myths and bursting a few bubbles.  Here´s are the words already analyzed: Happiness, Profit, Market, Bank, Investment, Responsibility, Rules, Interests, Organization. This week we take a look at "Reciprocity".
Reciprocity is probably the most relevant social norm in civil life. The entire dynamic of communal living, from the micro to the macro, can be read as a network of relations which are very different from each other, but have as common denominator some type of norm of reciprocity.
The original meaning of reciprocity comes from the Latin rectus-procus-cum, "that which goes and returns between one another".
ABCDEconomy - R as in Reciprocity
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Human communities - from families to nations - grow when among the various forms of reciprocity those "positive" ones prevail, those which therefore give life to cooperation and civil development (contracts, market, mutualness, friendship, love), and therefore, when the "negative" forms of reciprocity (conflict, war, revenge, retaliation) do not take the upper hand.
There are two main types of reciprocity: direct and indirect. Direct reciprocity is presented by the action of A towards B, B towards A; one person (A) gives or does something for another (B), and this one responds back towards the same person. If what is exchanged between A and B is of equivalent value, we are in the form of reciprocity typical of contracts.  If it is of unequal value, we´re dealing with other forms of reciprocity, like friendship, for example.
But in any case, the response of B towards A should be considered suitable by A (even if not equivalent), if one wants this reciprocity to continue over time and be affirmed as a social norm.
Reciprocity is often, in fact, a repeated interaction, and the suitability of the exchange is a necessary condition for the rapport to last over time. If one of the parties in the rapport feels taken advantage of by the other, the reciprocity is not sustainable.
There are, however, other forms of reciprocity that are very relevant to social life.  They are the indirect forms of reciprocity.
Indirect reciprocity has a double structure.  The first is A towards B towards C: A behaves towards B, and A´s action produces the effect that B in turn similarly treats a third subject C, without there being a direct relationship between C and A.
In a family, such relational structure is the basis of a good deal of the educative process, but many dynamics within organizations also depend on the indirect reciprocity at the base of the organizational culture, created over time and from spontaneous cooperation.
The second type of indirect reciprocity is instead as follows: A towards B, C towards A.  A behaves in a certain way towards B, and an external subject, C, who observes the first action by A towards B, is influenced in his relationships towards A.
In more ordinary economic life, similar dynamics are very important. Think, for example, of a client (C) of a business (A) who considers the actions that this does in favor of a social project (B) as means of increasing its profits; this client could also penalize the "social" actions of the business.
Much of the success obtained by social responsibility campaigns also depends on how the various stakeholders understand the intentions of the protagonists. Human beings are the only animals capable of attributing meaning to their own actions and those of others: that´s why reciprocity doesn´t lay its stakes only on recorded actions, but also on intentions. "Objective" facts aren´t enough for us.  We want to understand the relational and motivational message that these incorporate.
Next week´s word: Capital
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ABCDEconomy by Luigino Bruni
Reciprocity. Exchange without deceptions
Published in the weekly Vita, April 17, 2009
A guide to rereading the key words of economic behavior, after breaking down the myths and bursting a few bubbles.  Here´s are the words already analyzed: Happiness, Profit, Market, Bank, Investment, Responsibility, Rules, Interests, Organization. This week we take a look at "Reciprocity".
Reciprocity is probably the most relevant social norm in civil life. The entire dynamic of communal living, from the micro to the macro, can be read as a network of relations which are very different from each other, but have as common denominator some type of norm of reciprocity.
The original meaning of reciprocity comes from the Latin rectus-procus-cum, "that which goes and returns between one another".
ABCDEconomy - R as in Reciprocity
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ABCDEconomy by Luigino Bruni
Interest. The opposite of benefit
A guide to rereading the key words of economic behavior, after breaking down the myths and bursting a few bubbles. Luigino Bruni´s "Dictionary" offers its eighth entry.  The words already analyzed over the last few weeks include: Happiness, Profit, Market, Bank, Investment, Responsibility and Rules. This week Luigino Bruni concludes the reasoning, begun last week, about the word "Interest".
Interest is a word with an ambivalent meaning.  In economy, it could refer to at least two different realities. The first meaning refers to money interest, as we explained last week.
Since the beginning of modernity, the lending with interest was prohibited and the main reason was philosophical and theological: the sterile nature of money. Then, thanks to the growth of commerce and the markets, towards the end of the Medieval Ages and when loans begin to be used for productive investments, it becomes morally licit to ask interest on the borrowed sum. This is then seen as a recompense for one´s participation in the risk of an enterprise..
ABCDEconomy - I as in Interest - Part 2
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Then, there is a second meaning to the term interest, which goes back the motives of economical behavior. Normally, it´s affirmed that one´s economic actions are motivated by personal interests, which Adam Smith refered to as "self-interest" (translated as personal "benefit" in Italian). Near the end of the 8th century, Maffeo Pantaleoni, one of the best Italian economists, wrote the following: that which brings "street sweepers to sweep the streets, dressmakers to make a dress, tram conductors to offer 12-hour service, miners to go down into the mines, stockbrokers to carryout orders, millers to buy and sell grain, farmers to hoe the land, etc." is economic interest, and certainly not "honor, dignity, the spirit of sacrifice, the expectation of heavenly rewards, patriotism, love of neighbor, spirit of solidarity, imitation of ancestors and the good for one´s posterity."
Even recogizing the realism of this great economist´s thesis, we must also remember that many parts of the social and civil economy today (and yesterday) tell us that the search for "dignity", one´s own and that of others, "love for neighbor" and "spirit of solidarity" can be motives even of economic actions, and even if not the only motives. An economic project lasts through time if, other than responding to general interests and the common good, it also responds to the interests and benefits of those who promote it and those who work for it.  Personal interest and the common good, the personal dignity and that of others can and should coexist in a good society. A society begins to decline, even economically, when you begin to see opposition between individual and common interests. Today, in markets and in society, there is no need to be afraid of who has personal interests or of who goes after his own benefit when working in economy and finance.
The economy has the function of assuring people their own benefit, of putting them in the position to reach their interests: this is a worthy and noble function. Sure, an economy comprised of lone searchers of individual interests can´t build a good society, but no society is possible if the people don´t express their interests, if they have no desires.  Interest, in fact, can also be meant as: this activity "interests me", I am "interested" in this. The opposing or speculative term of interest is not primarily altruism or benevolence, but "disinterest", which is close to "apathy" and "indifference". Culture is also knowing how to redefine everyday words: we will get out of this crisis by learning to interpret interests as desires, and to view our interests with the interests of the others.
Next week in ABCDEconomy, the word "Organization"
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ABCDEconomy by Luigino Bruni
Interest. The opposite of benefit
A guide to rereading the key words of economic behavior, after breaking down the myths and bursting a few bubbles. Luigino Bruni´s "Dictionary" offers its eighth entry.  The words already analyzed over the last few weeks include: Happiness, Profit, Market, Bank, Investment, Responsibility and Rules. This week Luigino Bruni concludes the reasoning, begun last week, about the word "Interest".
Interest is a word with an ambivalent meaning.  In economy, it could refer to at least two different realities. The first meaning refers to money interest, as we explained last week.
Since the beginning of modernity, the lending with interest was prohibited and the main reason was philosophical and theological: the sterile nature of money. Then, thanks to the growth of commerce and the markets, towards the end of the Medieval Ages and when loans begin to be used for productive investments, it becomes morally licit to ask interest on the borrowed sum. This is then seen as a recompense for one´s participation in the risk of an enterprise..
ABCDEconomy - I as in Interest - Part 2
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ABCDEconomy by Luigino Bruni
Rules: whoever makes them, we´re the “referees”
Published in the weekly Vita, March 20, 2009
A guide to rereading the key words of economic behavior, after breaking down the myths and bursting a few bubbles. Luigino Bruni´s "Dictionary" has arrived at it´s seventh entry. The topics already analyzed over the last weeks are: Happiness, Profit, Market, Bank, Investment and Responsibility. This week, "Rules".
 
No civil system could work without rules. The market is one moment in civil life and therefore, to work well, it requires rules. However, it has been at least two centuries since the debate began about who should write the rules and who should reinforce them. The popular idea about the rules/market relationship is more or less as follows: politics write the rules, judges reinforce them, and the market accepts them as good and moves within them, considering them as limits.
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Often associated with this popular view, especially in the media, is a metaphor dealing with sporting alliances: the Italian Football Association or the Italian National Olympic Committee writes the rules, the referees and sporting judges reinforce them, and the players play within these given rules. If each does his part, the sport is a civil and good activity. From this perspective, politics isn’t one of the players on the field, and neither is the magistrate or the various organs and institutions who hold the responsibility of implementing the rules and making sure they are respected.
Being faced with the current crisis evokes this simple metaphor: the crisis exists because the rules aren’t written, or they are not written well, and the few good ones that do exist aren’t reinforced. Here is the simple recipe for getting out of the crisis: more political presence in finance and in economy, with new and efficient rules, more control and more attention on behalf of the referees and sporting judges.
In reality, as you may have already intuited, history is much more complex. Before anything, with so-called globalization, it´s no longer clear who is playing, who writes the rules and who is the referee. The large businesses, banks and finance are not only "players" within rules written by others (like politics). They themselves now set the norms: they call the free-kicks, the penalties, the off-sides and the handballs.
They also decide when substance-use is doping or not, and in some cases they affirm that doping is even positive and virtuous for the market (as in the case of the doubled executive salaries). On the other hand, politics no longer limits itself to making rules, but becomes a player as well. Today, we know that political subjects have private and economic objectives: they want to be re-elected; they have constraints of budget, consensus and public debt. Therefore, they often leave their post as producer of rules and walk onto the playing field to compete with the economic players.
Rules are never neutral, especially in markets, and by fact, every rule is advantageous to someone and penalizes another. The rules of Basle II, for example, made life very difficult for civil society’s subjects who went to banks to get credit. By applying the rules, many toxic titles were more secure than those of parishes or social cooperatives.
That is why there are always more people who sustain that the only good rules are those that arise from the "bottom", from self-regulation in the business world. This debate is particularly lively when talking about a business’s social responsibility. There are many who maintain that ethic rules should be freely adopted only by those who wish, and that the "old" market competition will "force" businesses to be responsible, otherwise clients will punish them.
How then are things going? In the first place, we certainly need to use a more sophisticated and complex metaphor while referring to the mechanisms of the economy and of global finance: it’s not sufficient to think of the market as a soccer tournament, or of politics as the only custodian of the rules and the common good. We need to acknowledge that today the rules are written by (or often not written by) various subjects and agencies, including the market and civil society. In a world that moves in real time, the timing of politics have become too slow for the economy, and the rules show up when the phenomenon to be regulated has already changed into another one. Besides, more and more, the rules need to be set with a global vision. In an economy and finance which has lost it’s local connection (to which traditional rules were linked, thinking of taxes), if a country severely regulates finance, businesses and banks  move their headquarters elsewhere. Until registered business headquarters exist (that will publish splendid public reports) in fiscal paradises (also European), it will only be naive to speak of new governance of economy and finance.
In the end, even in a pluralistic approach to regulation, we must recognize that spheres of civil life do exist - among which is finance - where information is asymmetric, and where there are incentives for who knows better how to take advantage of who knows less. In these sectors, more effective rules and better attention from the part of economic and civil institutions would be very opportune. What remains even truer today is that it is adult citizens who need to recover entire portions of freedom, democracy and civilization,  which they have too long delegated to politics and inspectors, thinking that they are inspired by the common good. Independently from who is a "producer" of rules (parliament, government, agency or self-regulation norm), as citizens we must "inhabit" the places of economy and finance, taking back our active citizenship. The first to have legitimate interest that the rules be applied, from wherever they originate, are citizens.
This crisis also tells us that we have been too long distracted, thinking that impartial referees are watching over our savings and gains. From the fear and uncertainty of these times, you don’t only come out with Leviathan or Hobbesian or more severe sanctions. On the contrary, these authoritarian threats end up increasing mutual distrust, and they put freedom and democracy in peril. The first rule of economy today is called participation.
Next week’s word is "Interest".
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ABCDEconomy by Luigino Bruni
Rules: whoever makes them, we´re the “referees”
Published in the weekly Vita, March 20, 2009
A guide to rereading the key words of economic behavior, after breaking down the myths and bursting a few bubbles. Luigino Bruni´s "Dictionary" has arrived at it´s seventh entry. The topics already analyzed over the last weeks are: Happiness, Profit, Market, Bank, Investment and Responsibility. This week, "Rules".
 
No civil system could work without rules. The market is one moment in civil life and therefore, to work well, it requires rules. However, it has been at least two centuries since the debate began about who should write the rules and who should reinforce them. The popular idea about the rules/market relationship is more or less as follows: politics write the rules, judges reinforce them, and the market accepts them as good and moves within them, considering them as limits.
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ABCDEconomy by Luigino Bruni
He who hopes invests well
Published in the weekly Vita, March 6, 2009
We continue with Luigino Bruni´s handbook: a guide to rereading the key words of economic behavior, after breaking down the myths and bursting a few bubbles. The topics already analyzed are: Happiness, Profit, Market, Bank and, now, Investment.
In one of the first economy lessons, one explains to his students that spending (on which the GDP and development depends) is comprised of purchases and investments. One spends by consuming goods and services, and especially, investing. Today, those who would encourage spending in order to support the economy should be reminded of this first economics lesson: the economy is also and especially sustained by investments.  
  ABCDEconomy - I as in Investment
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Investment is a typically entrepreneurial act, even though not exclusively so. One thinks of investments in human capital, instruction, on behalf of private citizens or public investments, that is a co-essential element in a any good economy.
Everyone can consume and many save, but in a market economy, investments primarily depend on entrepreneurs.
Investment is an expenditure that is not focused on satisfying a need (as in the case of consumption), as its objective is instead the creation of future wealth that can, in turn, satisfy other future needs, both personal and of others. Therefore, investment is a propagator of wealth, an instrument for redistributing it, and which in any society based solely upon revenue and consumption remains blocked in the hands of the very same people. But what are the sense and the nature of investment? When an entrepreneur buys new technology, builds a facility, hires new workers or does research, he is saying to himself and to society: "I believe in the future - I have hope."
Making an investment, then, is substantially an act of hope, of faith that "what is to come will be better than the past" (to use a nice expression of the theologian Teilhard de Chardin). Who invests gives up the consumption of currently available resources, takes on a debt with the bank and/or with families, because he has hope, because he has good expectations that tomorrow this choice will bear fruit.
On what, then, does the amount of investments (and so innovation, research and development) in an economy depend? Certainly its cost in money, but, especially as Keynes showed us in the 1930s, investment mostly depends on the expectations of entrepreneurs, on their vision and interpretation of the world.
Here is why a country with pessimistic and cynical entrepreneurs doesn’t invest, even when interest tax might be very low (like today) - precisely because there is a lack of hope in the future.
In order to get out of today’s crisis, the economy above all needs entrepreneurs capable of imagining a better future.  It needs that great virtue of hope.
In fact, hope is a virtue because it requires moral strength to not succumb when faced with trial and to go ahead. Without hope, there is only consumption, consumerism and depression. But hope, even an economic virtue, isn’t born and isn’t regenerated inside the economy, in the markets. This is born and is nourished in civil society and in the life of the polis.
This is why the economy today has an urgent need of entrepreneurs that invest because they rediscover reasons to hope again, but these reasons are always bigger than just economy. Politics serves the economy not so much by sustaining consumption, but by accompanying entrepreneurs in the activity of building and rebuilding hopeful scenarios, in which investments are imaginable and possible. This is the only way to get out of the crisis.
Next week, Luigino Bruni will analyze the word "Responsibility".

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    [text] => 
ABCDEconomy by Luigino Bruni
He who hopes invests well
Published in the weekly Vita, March 6, 2009
We continue with Luigino Bruni´s handbook: a guide to rereading the key words of economic behavior, after breaking down the myths and bursting a few bubbles. The topics already analyzed are: Happiness, Profit, Market, Bank and, now, Investment.
In one of the first economy lessons, one explains to his students that spending (on which the GDP and development depends) is comprised of purchases and investments. One spends by consuming goods and services, and especially, investing. Today, those who would encourage spending in order to support the economy should be reminded of this first economics lesson: the economy is also and especially sustained by investments.  
  ABCDEconomy - I as in Investment
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ABCDEconomy by Luigino Bruni
From market economy to market society
Published in the weekly Vita, 20 February 2009
Luigino Bruni´s Dictionary continues: a guide to rereading the key words of economic behavior, after breaking down the myths and bursting a few bubbles. Last week we talked about "Profit".
The word MARKET holds in itself a plurality of meanings. Originally, market was the physical place where exchanges took place: the Greek agora, the Roman forum, the Medieval square, the fairs. In traditional civilization, the market held (and still holds in some parts of the globe) a limited territory, although important, in civil life.  
 ABCDEconomy - M as in Market
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On all other days, the principle regulating institution for production and allocation of resources wasn´t a market based on prices and money. This role was mainly carried out by self-production and redistribution of wealth.
This non market economy gave way to the market economy, a process which immediately underwent strong accceleration in the last two centuries, when the market became the main institution for allocating resources in the society. The system of prices is that which is most "visible" of the market mechanism, and is also that which guarantees that resources are produced and distributed. Without this mechanism, the decision of what to produce and how much is extremely complex.
Today, the market economy is transforming itself into a market society: what is the difference? In an economy where markets exist but which is not a market economy, the market is an institution that in certain moments and places supports other institutions, like the family, the clan, the Church, the court, the State.
These other institutions are those which primarily guarantee economic, and civil, life. With the arrival of the market economy, the market takes the central role of the economic sphere, but the other institutions (family, community...) continue to remain central in the other spheres and circles of social life.
When, instead, we move into a market society, the economy mechanisms (prices, contracts...) are managed not only the economy but the entire civil life, which begins to be viewed as a series of contracts, of interests, and of mutually advantagous exchanges.
Without a market economy, freedom and equality are not guaranteed, as geriarchial and fuedal systems take the upper hand. When, however, we give life to a market society, it´s fraternity that gets neglected, as there are citizens in the society which are not reached by contracts, because they are not bearers of income (stakeholders) but only bearers of needs (needholders).
And without fraternity, not even equality and freedom (great conquests of the market economy) are able to fully develop and flourish into good life.  (...continues)
Next week, the fourth word: BANK

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ABCDEconomy by Luigino Bruni
From market economy to market society
Published in the weekly Vita, 20 February 2009
Luigino Bruni´s Dictionary continues: a guide to rereading the key words of economic behavior, after breaking down the myths and bursting a few bubbles. Last week we talked about "Profit".
The word MARKET holds in itself a plurality of meanings. Originally, market was the physical place where exchanges took place: the Greek agora, the Roman forum, the Medieval square, the fairs. In traditional civilization, the market held (and still holds in some parts of the globe) a limited territory, although important, in civil life.  
 ABCDEconomy - M as in Market
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